Note: The jackpot may be $675M but if you win, you can’t have $675M. You’ll only get about $280M.
Wait a second, you mean, I won’t get $675M? I took out a $600M loan to buy 600M tickets. /s
Oh, it’s not worth it then. I couldn’t possibly live on $280 million.
But at least I’d have a lot more friends!
I regard single- and multi-state lottery commissions as another pseudopod of government. As such, they will overpromise and underdeliver...and lie about it.
Correct!:
Lottery: $675,000,000.00
Lump sum payout (only way to go): 413,100,00.00
Federal income tax (43.4 (39.6+Obamacare tax))= $179,285,400.00
State income Tax 7% (AR) = $28,917,000.00
Net pay after all taxes=$ 204,879,600.00
First 10% goes to God: 67,500,000.00
Next: All debts paid off (house, cars, loans, school, Credit card, etc). NOTE: Still haven't bought anything.
Next: Buy Long Term Care, $1mm annuity, 2mm Term Insurance, Health Savings Account
Next, tax free gift exclusion to my close family: $5,430,000.00
"My" $100,000,000.00 gets split up a few ways.
1% Fees for lawyer, trust, insurance, broker, etc. 1-2% in physical cash, gold and silver.
8-10% in tangible, appreciating assets (house, land, rental property, guns, jewelry, farmland, a business that you love. (This is where you buy your "toys")) FYI.
5% US Treasuries: 1, 5, and 10 year bonds 60% Tax free municipal bonds, A min, with insurance (AGM, ACA, AMBAC, etc) in a laddered structure.
10% zero coupon bonds (tied in with term life insurance). 10% Corporate bonds or taxable munis <10% dividend paying stocks. (COP, CVX, PEP, D, GE, KO, DE, WFC, XOM, CAT, BA, MSFT, etc)
If I can get a net (after taxes 5% on $100,000.000.00 that is $5,000,000.00 a year. MORE than enough to live on for the rest of my life.
Forget it then. I can’t live on that